Hartford Investment Management, the asset management division of The Hartford Financial Services Group, has hit the ground running with its new leveraged loan team. In April, the Hartford-based firm, which was already established in managing other fixed income products, signed on a team of five ex-CIGNA Investment Management loan professionals to spearhead the firm's first-ever stint into leveraged loan investment management. Now Hartford has some $750 million in assets under management through two collateralized loan obligations (CLOs), with even more structured loan vehicles on the horizon.
"We're a firm that manages a lot of different asset classes and sub-asset classes in fixed income, and we came to a point in time where we were ready to branch into loan investment," said Andy Kohnke, managing director, head of client services and business development at Hartford. Moving into loans was the next logical step in Hartford's investment strategy, he added.